Alexandria Real Estate Equities, Inc. Amends and Extends Unsecured Senior Revolving Credit Facility and Unsecured Senior Term Loan

PASADENA, Calif., Sept. 5, 2013 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced today that, on August 30, 2013, the Company successfully amended and extended its existing revolving credit agreement (the "Amended Credit Agreement"), with Bank of America, N.A., as administrative agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC., and Citigroup Global Markets Inc. as joint lead arrangers and joint bookrunners, and certain financial institutions party thereto as lenders.  The Company closed $1.5 billion in commitments under the Amended Credit Agreement. The Amended Credit Agreement lowers applicable interest rate margins and facility fees and extends the maturity date to January 2019, provided that the Company exercises its right to extend the maturity date twice by an additional six months for each exercise upon the satisfaction of certain conditions.  Certain financial covenants were also modified to provide the Company with greater flexibility.

"Since September 30, 2012, the Company has reduced outstanding borrowings under its unsecured senior line of credit and bank term loans by $563 million from approximately $1.8 billion to $1.2 billion as of June 30, 2013," said Dean A. Shigenaga, Chief Financial Officer for Alexandria Real Estate Equities, Inc. "Our relationship credit facility lenders continue to provide significant and important liquidity to the Company through these credit facilities, including $1.5 billion available for borrowing under its unsecured senior line of credit."

In conjunction with the Amended Credit Agreement, on August 30, 2013, the Company also amended and restated its $600 million term loan agreement (the "Amended Term Loan Agreement") with Bank of America, N.A., as administrative agent, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Citigroup Global Markets Inc., as joint lead arrangers and joint lead book runners, and certain financial institutions party thereto as lenders.  The Amended Term Loan Agreement amends and restates the prior agreement for this term loan to, among other things, decrease the applicable interest rate margins in respect of the loan thereunder and extend the maturity date of the loan to January 2019, provided that the Company exercises its right to extend the maturity date twice by an additional six months for each exercise upon the satisfaction of certain conditions.  The Amended Term Loan Agreement also modifies certain financial covenants to conform to those contained in the Amended Credit Agreement.

On August 30, 2013, the Company also amended its $600 million second amended and restated term loan agreement dated July 26, 2013 with Citibank, N.A., as administrative agent, Citigroup Global Markets Inc., RBC Capital Markets and RBS Securities Inc., as joint lead arrangers and joint book running managers, and certain financial institutions party thereto as lenders to, among other things, modify certain financial covenants to conform to those contained in the Amended Credit Agreement.

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (NYSE: ARE), a self-administered and self-managed investment-grade REIT, is the largest and leading REIT focused principally on owning, operating, developing, redeveloping, and acquiring high-quality, sustainable real estate for the broad and diverse life science industry.  Founded in 1994, Alexandria was the first REIT to identify and pursue the laboratory niche and has since had the first-mover advantage in the core life science cluster locations including Greater Boston, the San Francisco Bay Area, San Diego, New York City, Seattle, Suburban Washington, D.C., and Research Triangle Park.  Alexandria's high-credit client tenants span the life science industry, including renowned academic and medical institutions, multinational pharmaceutical companies, public and private biotechnology entities, United States government research agencies, medical device companies, industrial biotech companies, venture capital firms, and life science product and service companies.  As the recognized real estate partner of the life science industry, Alexandria has a superior track record in driving client tenant productivity, collaboration, and innovation through its best-in-class laboratory and office space adjacent to leading academic medical research centers, unparalleled life science real estate expertise and services, and a longstanding and expansive network in the life science community.  We believe these advantages result in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.  For additional information on Alexandria, please visit www.are.com.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include words such as "believes," "expects," "may," "will," "should," "seeks," "intends," "plans," "estimates," or "anticipates," or the negative of these words or similar words, and include (without limitation) statements regarding the anticipated maturity date of the Amended Credit Agreement and the Amended Term Loan Agreement. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in each such statement. A number of important factors could cause actual results to differ materially from those included within or contemplated by the forward-looking statements, including, but not limited to, the factors described in the Company's filings with the Securities and Exchange Commission, including the Company's most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

SOURCE Alexandria Real Estate Equities, Inc.